Big Changes to IRA Rollover Rules 2015

In November 2014 the IRS issued more guidance and clarification on the new interpretation of the once-per-year IRA rollover rule. This impacts 60-day IRA-to-IRA and 60-day Roth IRA-to-Roth IRA rollovers, where the IRA owner receives a check made out to them personally. The new interpretation is different and much more restrictive than in the past, so advisors and IRA owners must understand it to prevent owners from inadvertently violating the guidelines and having their IRA funds taxed and penalized. IRA owners could lose their IRAs and IRS has no authority to provide relief.